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Gold Daily Technical Outlook

Oil N' Gold Team from Oil N' Gold at 11/04/09


Comex Gold (GC)

Gold's long term rally resumed by breaking 1072 strongly and reaches new record high of 1096.2. At this point, intraday bias remains on the upside and further rally should be seen to 1100 psychological level first. Break will target 1133.2 medium term projection level next. On the downside, below 1080.5 minor support will turn intraday bias neutral and bring consolidation first.

In the bigger picture, the long term up trend in Gold still in progress. Rise from 681 would likely develop into another set of five wave sequence with first wave completed at 1007.7, second wave triangle consolidation completed at 931.3. Rise from 931.3 is expected to extend to 61.8% projection of 681 to 1007.7 from 931.3 at 1133.2 first and then 100% projection at 1258 next. On the downside, though, break of 1026.9 support will dampen this bullish view and will turn focus back to 931.3 support instead.

Comex Gold Continuous Contract 4 Hours and Daily Charts

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